95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0095


 
Introduced 1/31/2007, by Sen. Larry K. Bomke
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 200/15-173 new






30 ILCS 805/8.31 new










    Amends the Property Tax Code. Creates a homestead exemption for taxable years 2006, 2007, and 2008, for homestead property that, after the 2005 taxable year, is no longer assessed as farmland. Sets forth the amount of the exemption at 75% of the assessment increase in the 2006 taxable year, 50% of the assessment increase in the 2007 taxable year, and 25% of the increase in the 2008 taxable year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
















LRB095 08125 BDD 28289 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY


STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
















 


 


A BILL FOR









 











SB0095

LRB095 08125 BDD 28289 b






1
    AN ACT concerning revenue.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Property Tax Code is amended  by adding 
5
Section 15-173 as follows:
 
6
    (35 ILCS 200/15-173  new)
7
    Sec. 15-173. Farmland reclassification homestead 
8
exemption.
9
    (a) For taxable years 2006, 2007, and 2008, homestead 
10
property that is reclassified farmland property is entitled to 
11
an exemption in the amounts set forth under subsection (b). For 
12
the purposes of this Section, "reclassified farmland property" 
13
means property that, during the 2005 taxable year, was assessed 
14
as farmland under Division 6 of Article 10 of this Code, but 
15
that, after the 2005 taxable year, is assessed under Article 9 
16
of this Code.
17
    (b) The amount of the exemption under this Section is as 
18
follows:
19
        (1) For the 2006 taxable year, the amount of the 
20
    exemption is an amount equal to  0.75 multiplied by the 
21
    difference of (i) the equalized assessed value of the 
22
    property in the 2006 taxable year less (ii) the assessed 
23
    value of the property in the 2005 taxable year;
 


 






SB0095
- 2 -
LRB095 08125 BDD 28289 b




1
        (2) For the 2007 taxable year, the amount of the 
2
    exemption is an amount equal to  0.5 multiplied by the 
3
    difference of (i) the equalized assessed value of the 
4
    property in the 2007 taxable year less (ii) the assessed 
5
    value of the property in the 2005 taxable year; and
6
        (3) For the 2008 taxable year, the amount of the 
7
    exemption is an amount equal to  0.25 multiplied by the 
8
    difference of (i) the equalized assessed value of the 
9
    property in the 2008 taxable year less (ii) the assessed 
10
    value of the property in the 2005 taxable year.
11
    The chief county assessment officer may determine the 
12
eligibility of property to receive the homestead exemption and 
13
the amount of the exemption by application, visual inspection, 
14
questionnaire, or other reasonable methods. The determination 
15
must be made in accordance with guidelines established by the 
16
Department.

 
17
    Section 90. The State Mandates Act is amended by adding 
18
Section 8.31 as follows:
 
19
    (30 ILCS 805/8.31 new)
20
    Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 
21
of this Act, no reimbursement by the State is required for the 
22
implementation of any mandate created by this amendatory Act of 
23
the 95th General Assembly.
 

24
    Section 99. Effective date. This Act takes effect upon 
 


 






SB0095
- 3 -
LRB095 08125 BDD 28289 b




1
becoming law.